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India’s draft bill proposes a 10-year jail sentence for using cryptocurrencies
- bellBivDinesh 7y agoProbably will be chalked up to combating “black money”. Strange and regressive, much like demonetization was.
- notlukesky 7y agoAnother type of demonetization like you pointed out.
- ronsor 7y agoThis will never work
- mirimir 7y agoAnyone know why they care so much? I do see https://www.coindesk.com/reserve-bank-of-india-denies-involvement-in-draft-bill-to-ban-cryptocurrencies https://www.coindesk.com/reserve-bank-of-india-denies-involv... But nothing about why shows up in English. Tax evasion? Capital flight?
- wtmt 7y agoIt’s more of a move to control the narrative that the government is tough on “black money” and “terrorism”, since previous actions to bring back such wealth into the tax net and into the books flopped terribly. Everyone except the government officials and politicians seems to know that undisclosed income and wealth are mostly held in real estate, gold and other assets. But this government has had a hatred for cash and cryptocurrency for a few years, and seems to believe that curbing cryptocurrency will solve the problems. What’s completely absurd is the criminal penalty being talked about. There’s no law so far on cryptocurrency (except that banks were told by RBI not to work with companies in this area). What are people who have had these for several years to do? It’s all very short sighted, and looks like a deflection from other things.
- fellellor 7y agoThere is also supposedly a proposal in the works to tax cash withdrawal from bank accounts if it crosses an annual limit of 10 lakh rupees. :)
- sbmthakur 7y agoI guess it's mainly about anti-State and pro-terror financing, which is a serious issue that plagues India.
- mirimir 7y agoReally? That uses cryptocurrencies? I thought that they were more old school. As in cash and meatspace P2P value transfer networks.